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Stock Market Live Updates: Nifty Ended Above 22k, Sensex Up 640 Pts; PSU Bank Outperform
On the last trading session of FY24, the Indian benchmark indices ended in green as Nifty ended 219.85 points or (0.99%) higher at 22,343.50 level while Sensex added 639.16 points or (0.88%) at 73,635.48 level. On the Nifty pack, the top 5 gainers were GRASIM, BAJAJFINSV, HEROMOTOCO, BAJFINANCE and EICHERMOT while the top 5 losers were SHRIRAMFIN, AXISBANK, BAJAJ-AUTO, TECHM and Reliance Industries.
On March 27, the market recovered its losses from the previous session on to gains in heavyweights and capital goods, real estate, car, and power companies. The Nifty was up 119 points, or 0.54 percent, at 22,123.70 at closure, while the Sensex was up 526.01 points, or 0.73 percent, at 72,996.31.
The market began the day with a gain despite conflicting global cues, and it continued to rise throughout the day thanks to heavyweight purchases and a reduced Current Account Deficit (CAD) of $10.5 billion in the third quarter.
Reliance Industries, Maruti Suzuki, Bajaj Auto, Bajaj Finance, and Titan Company were the top gainers on the Nifty, while Hero MotoCorp, Tata Consumer Products, Apollo Hospitals, Dr. Reddy's Labs, and Wipro were the top losers
Reliance Industries and Adani Power unit engage into a 20-year power purchase deal.
Reliance Industries Limited (RIL) and Mahan Energen Limited (MEL), a wholly owned subsidiary of Adani Power Limited (APL), have signed a 20-year long-term Power Purchase Agreement for 500 MW. Both MEL and RIL have agreed to subscribe for and allot 5,00,00,000 equity shares of MEL at par, with a face value of Rs. 10 apiece.
Jio Financial Services
The initial subscription of 25,00,000 equity shares of Rs 10 each of Reliance International Leasing IFSC Limited (RILIL) was funded in part by Rs 2.50 crore from Jio Leasing Services Limited (JLSL), a wholly owned subsidiary of Jio Financial Services, and its nominees. The financial contribution was made at par.
Bank Nifty Outlook By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
"After a period of bullish resurgence, the Bank Nifty index exhibited strength by surpassing the 20-day moving average hurdle set at 47,000, backed by significant volumes. Despite this, it faced resistance around the 47,500 mark. A decisive breach above this resistance could propel the index towards the 48,000 level. Conversely, the immediate support is situated at the 47,000-46,800 zone. A conclusive drop below this support level, especially on a closing basis, might indicate a false breakout scenario."
Salasar Techno Engineering Wins Contract Worth USD 7.152 Mn
Energy Development Corporation Limited has awarded the SALASAR- RVNL JV a prestigious contract worth USD 7.152 Mn, or approximately Rs. 596.21 Mn, for the Rwanda Transmission System Reinforcement and Last Mile Connectivity project (TSRLMC). The contract is for the plant design, supply, and installation of 45.8 Km, 110 KV double circuit Rukarara-Huye-Gisagara Transmission Lines.
Coal India’s coal supplies to thermal power plants hit 610.8 million tonnes (MTs)
On Wednesday, Coal India Limited's (CIL) coal supply to the nation's thermal power plants reached 610.8 million tonnes (MTs), above the sector's yearly goal of 610 MTs. The firm accomplished this milestone four days ahead of schedule for the close of FY 2024, making it the highest to date. The rise was 29.3 MTs, or 5% higher, than the 581.5 MTs of the same time in the previous fiscal year. In spite of the increased demand from the power industry, CIL now delivers 1.76 MTs per day on average to the coal-fired facilities. For the second year in a row, CIL has supplied more coal to the power industry than was anticipated. Off-take to power plants in FY 2023 was 586.6 MT, compared to the planned commitment of 565 MT. Ahead of the summer's arrival, domestic coal-based power plants' coal stock increased to 47.1 MTs (as of March 26) thanks to increased supply from CIL. The stock was up by 13.7 MTs at the same time last year. As of the same day in FY 2023, power plants had 33.4 MTs of coal stock.
EaseMyTrip Shares In Focus
EaseMyTrip.com has teamed up with Yuva Kabaddi Series (YKS), India's first-ever year-round sports event designed to foster and grow the Kabaddi ecosystem. This is a strategic move on the part of EaseMyTrip, a crucial partner in its goal to spread awareness of the game throughout India and develop into a one-stop shop for aspiring Indian kabaddi champions.
Indian Oil Corporation Shares In Focus
The Board of Indian Qil on 29th January 2021 approved the construction of a 9 MMTPA refinery at Cauvery Basin, Nagapattinam in Tamil Nadu by Chennai Petroleum Corporation Limited (CPCL), a subsidiary of IndianOil. The refinery is expected to cost Rs. 29,361 crore, and the formation of a joint venture between Indian Oil and CPCL will meet the demand for petroleum products in southern India. The remaining 50% of the venture will be held by financial, strategic, or public investors. Following that, on January 6, 2023, the Joint Venture Company "Cauvery Basin Refinery and Petrochemicals Limited" (CBRPL) was established. At its meeting on March 28, 2024, the Board of IndianQil approved the modification of the CBRPL project's cost from Rs. 29,361 crore to Rs. 33,023 crore. Additionally, the Board has approved 25% of CPCL's stake and 75% of IndianOil's equity.
NHPC Board Greenlights Debt Raising Of Up To Rs 6,100 Crore In FY25
NHPC, India's premier hydropower company, has secured approval from its Board of Directors to raise debt amounting to Rs 6,100 crore during the fiscal year 2025. The funds will be procured through the issuance of non-convertible corporate bonds in one or more series/tranches on a private placement basis, or through the raising of term loans/external commercial borrowings (ECB). Additionally, the board has granted its in-principle approval for the closure of Loktak Downstream Hydroelectric Corporation, a joint venture with the Manipur Government, pending clearance from DIPAM, the Ministry of Power, and the Manipur Government.
Mahindra Mexico Receives Approval For Voluntary Liquidation
Mahindra USA Inc. (MUSA), a subsidiary of Mahindra Mexico S. De. R. L., has officially announced the final approval for the voluntary liquidation of Mahindra Mexico, effective March 28, 2024.
Tata Elxsi Teams Up With Drager To Foster Critical Care Advancements In India
Tata Elxsi has unveiled a partnership with Drager, a prominent player in medical and safety technology worldwide, aiming to propel critical care innovation in India. Drager is broadening its footprint in research and development by setting up a new offshore development center (ODC) at Tata Elxsi's Pune facility.
SRM Contractors IPO Oversubscribed 27 Times On Day 3
The initial public offering (IPO) of SRM Contractors continues to attract robust interest from investors, with subscription reaching 27.82 times on the morning of March 28, the final day of bidding. Thus far, investors have snapped up 12.07 crore equity shares, surpassing the IPO size of 43.4 lakh equity shares. Non-institutional investors (NIIs) have emerged as the primary drivers of subscription, securing a staggering 76.10 times the portion allocated to them. This outstrips the subscription levels of retail investors and qualified institutional buyers (QIBs), who subscribed 21.60 and 2.43 times their allotted quotas, respectively.
Larsen Shares Hit 52-week high
Larsen & Toubro, an Indian multinational company valued at USD 23 billion that is involved in EPC projects, hi-tech manufacturing, and services. The shares of the company began trading on the BSE at Rs 3710.30 each today and rose to reach an all-time high of Rs 3,756.45 during early trade on Thursday. The spike in stock price occurred following the recent several orders that L&T GeoStructure, a wholly owned subsidiary, obtained from all over India.
Power Stock Zooms
Kalpataru Projects International Limited (KPIL), a leading engineering and construction company, has clinched new orders worth Rs 2,071 crore, propelling its shares to a 2% surge on Thursday. The announcement of these substantial orders has invigorated investor confidence, leading to a notable uptick in Kalpataru's stock prices on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Reliance, Adani Power Shares Rally
Reliance Industries Limited (RIL) and Mahan Energen Limited (MEL), a wholly owned subsidiary of Adani Power Limited (APL), have signed a 20-year long-term Power Purchase Agreement for 500 MW. Both MEL and RIL have agreed to subscribe for and allot 5,00,00,000 equity shares of MEL at par, with a face value of Rs. 10 apiece.
Tata Motors Share Price
Tata Motors share price continued to hover around its 52-week high levels on Thursday. Apart from the buzz that Tata Group is coming up with an 8 IPO bonanza for investors, Tata Motors is also in focus after it joined hands with leading PSU Hindustan Petroleum Corporation (HPCL) to set up 5,000 EV charging stations. Also, the auto player rewarded its employees via ESOPs.
Rupee opens at 83.31 against USD on Thursday.
On Thursday, the Rupee kicks off at 83.31 versus the USD. On Wednesday, the rupee fell 7 paise to settle at 83.36 (provisional) versus the US dollar. In early trade on Thursday, the rupee drops 5 paise to 83.34 versus the US dollar in response to positive US economic data.
Liraglutide, a medication for diabetes, is approved by the UK for use by Biocon
The Medicines and Healthcare Products Regulatory Agency (MHRA) in the United Kingdom has approved Biocon's complex formulation Liraglutide (6 mg/ml solution for injection in pre-filled pen), which was submitted by Zentiva, the company's European partner.
NBCC sells 4.8 lakh square feet of commercial space at Delhi's World Trade Centre for Rs 1,905 crore
According to the company, the state-owned listed construction company NBCC (India) Ltd sold 4.8 lakh square feet of commercial space in the World Trade Centre in Delhi for around Rs 1,905 crore. The commercial space at the World Trade Centre (WTC) in south Delhi's Nauroji Nagar was sold in the 25th e-auction, according to the real estate developer. Purchasing space in this e-auction were several significant businesses, including Power Finance Corporation Limited, Security Printing and Minting Corporation of India Limited, and Solar Energy Corporation of India Limited. Of the total area sold, PSU organisations purchased about 4.38 lakh square feet, valued at a transaction of about Rs 1,740 crore.
HDFC Life receives a Rs 2,883.01 crore income tax order
The Assistant Commissioner of Income Tax has sent HDFC Life an income tax order totaling Rs 2,883.01 crore and interest of Rs 1295.79 crore. The Department calculated the tax demand and related interest improperly, and the company is currently submitting a correction application to the Tax Authority. The corporation stated that following the tax authority's rectification order, the tax demand and interest specified in the aforementioned order will be considerably lowered.
The REC Board Has Approved a Rs 1.6 lakh Crore Market Borrowing Programme for FY25
The Board of REC Ltd. authorised the PSU company's total market borrowing programme for FY25, totaling Rs. 1.6 lakh crore, on March 27. The Board of the company authorised a market borrowing programme of Rs 1.45 lakh crore for FY25, to be funded by domestic bonds and debentures. The Board of REC also approved the raising of commercial papers and a short-term loan of Rs 15,000 crore from banks, Fls, NBFCs, etc.
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